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EUR/GBP room for extra upside – Danske Bank

Jens Sorensen, Chief Analyst at Danske Bank, sees the buying interest intact around the European cross for the time being.

Key Quotes

EUR/GBP continued higher yesterday and is nearing in on the 0.90 level. While yesterday’s move higher was driven primarily by a stronger EUR, we still expect EUR/GBP to remain bid near term as UK politics and Brexit uncertainty are likely to support the cross”.

“Yesterday´s lower-than-expected CPI inflation print supports our call that the BoE will keep rates unchanged for the next 12M. Markets have priced in the next full 25bp rate hike for November 2018. Hence, relative rates are also likely to remain EUR/GBP supportive in coming months”.

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